Like other industries, it’s clear that the construction sector is experiencing the effects of stagflation. Today’s construction industry leaders are under increased pressure due to rising costs, a slowdown in new construction projects and a workforce shortage of more than half a million workers.

The difference for this industry is that many construction companies have contracted jobs in their backlogs that can generate revenue for the next seven to nine months. Despite the backlog of work, current economic conditions still impact contracted jobs, forcing leaders to identify alternative strategies to increase operational efficiencies and reduce costs.

Reprinted courtesy of John Meibers, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.